Steel Dynamics Gets BB- Credit Rating
On Mar. 5, Standard & Poor's assigned a corporate credit rating to Fort Wayne, Ind.-based steel minimill Steel Dynamics (STLD ). It assigned ratings to Steel Dynamics' $350 million senior secured bank credit facility and to the company's proposed $200 million senior unsecured notes due 2009, which will be sold pursuant to Rule 144A with registration rights. Borrowing under the new credit facility together with proceeds from the proposed notes will be used to refinance existing debt. Pro forma for the deal, Steel Dynamics total debt will total approximately $570 million.
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